Rivian Automotive (NASDAQ:RIVN) Shares Up 3.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 3.2% on Tuesday . The company traded as high as $17.55 and last traded at $17.35. 31,010,476 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 30,082,143 shares. The stock had previously closed at $16.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. DA Davidson upped their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Leerink Partners reissued an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research note on Monday, April 6th. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Price Performance

The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The stock has a 50-day moving average price of $15.59 and a 200 day moving average price of $16.27. The stock has a market capitalization of $21.53 billion, a price-to-earnings ratio of -5.94 and a beta of 1.62.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at $14,192,112. This represents a 0.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 80,076 shares of company stock worth $1,256,286. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors lifted its holdings in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after purchasing an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rivian Automotive by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock worth $290,568,000 after purchasing an additional 59,503 shares during the last quarter. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter valued at about $220,323,000. Finally, Soma Equity Partners LP lifted its stake in Rivian Automotive by 9.9% in the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after buying an additional 829,782 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.